FA Module - Depreciation wrongly done for an Asset

  1. yowancristo

    yowancristo Forum Advisor

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    Hi ,

    Can someone provide a solution for below scenario.

    An asset was wrongly depreciated to certain amount and at a later point, realized that it should not be.

    Now for future corrective action - 'Depreciate' option is unchecked for the asset from Asset Workbench. However how to correct the amount that was depreciated already?

    Many thanks,
    Yowan Cristo
     
  2. yramesh77

    yramesh77 Active Member

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    Hi,

    Retire the asset and upload with correct values of the asset.
     
  3. yowancristo

    yowancristo Forum Advisor

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    Hi,

    Thanks for the update, But in that case what will happen to amount depreciated already? and this will create a new asset.

    Is there any other method to rectify this without creating a new asset.

    Regards,
    Yowan Cristo
     
  4. yowancristo

    yowancristo Forum Advisor

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    Hi,

    I found another way to resolve this without retiring the asset,

    Wrongly Depreciated amount can be restored back by running Unplanned Depreciation for the asset with negative amount of already wrongly depreciated value.

    Thanks,
    Yowan Cristo